GBPAUD Bulls Secure a Positive Bounce

The GBPAUD market has recently been retreating to lower price levels. However, since the previous session, upside forces seem to have reacted to the earlier dip in the market. As a result, an upward bounce has become noticeable. While the ongoing session has maintained this course, it still reflects the lingering effect of prior bearish pressure.

Key Levels

Resistance: 2.0800, 2.1200, 2.2200

Support: 2.0500, 1.9500, 1.8000

GBPAUD Market Faces Rejection Despite Bullish Dominance

The GBPAUD market has managed to stay afloat above the 9-day Exponential Moving Average (EMA) line. The current session has experienced some notable compression, resulting in a spinning top-shaped candle. Nevertheless, price action remains positioned above the 9-day EMA curve.

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines show a slight downward trajectory, reflecting the stronger influence of recent bearish forces. However, since price action remains above the 9-day EMA line, bullish sentiment appears to stay intact, suggesting that buyers still have a firm hold on the market.

GBPAUD Bulls Set Short-Term Targets

On the GBPAUD 4-hour chart, it is evident that upside forces are establishing short-term targets. The most recent price candle appears more prominent than its counterpart on the daily chart, and it also maintains its base above the 9-day EMA curve.

At the same time, the Stochastic Relative Strength Index (SRSI) lines have just produced a bullish crossover slightly above the 20 level of the indicator. These lines are now projected upward, suggesting that bullish momentum is gaining considerable strength. Therefore, it appears that the pair may continue to edge higher toward the 2.1000 price level in the near term.

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